. -- james bevan. thank you so much for joining us. what have we learned from the fed? clear from her remarks to gete sees more reason the u.s. the mystic economy to hike rates. james: it is important to remain in the mode. i think we will have one hike this year. it will be after the u.s. presidential election. maybe one hike next year. hard if one looks at the scatter crosses that we will do anything much more substantial than that. francine: was she trying to repress the markets because there was a low probability of the markets being priced in? james: she wanted to warn the markets that there will be a hike. however, she is a lowering expectations. francine: do you expect if we look at the end of 2017, where at the endng? james: of 2017, no more than one percentage point. francine: a small hike? point -- 25sis basis points this year and 25 basis points next year. nothing more than that. francine: you think she is keeping the possibility of a september rate hike open depending on jobs? james: what are the things we learned is never to give away all of your cards. a g

let's get out to james bevan. more mma to come, james?ave a lot more mma to come after remarkably low interest rates and credit have purchase encourage the purchasef other companies. as long as the earnings yield is greater than the net cost post tax, corporate treasurer is will be continuing to buy back. so, i think we will see a squeeze up and prices. i am just looking at bayer, the immediate reaction is down by 0.5%. the view from the market is you could have a $1.5 million termination fee. is this the only way to grow in a low growth environment? >> we worry so much about growth. when one thinks, why bother? [laughter] >> no, but seriously. if you have a sensible well-run business, this pursuit of growth at any cost in terms of risk participation just seems bonkers. i looked at the bayer-monsanto deal and i don't see the industrial logic that is required. manus: interesting. one of the other companies you do like his glencore. shares have been sold, yesterday. >> i think glencore has had a fantastic run up. they were late to the party

let's continue the conversation with antonio barroso and james bevan. when you look at spanish politics, this was quite unfair seen just maybe 12 to 18 months maybe 12ite unforeseen to 18 months ago. is it up to the markets to put